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Apr 17, 2009 7:41 pm US/Central
Polaroid Sold In Bankruptcy Court
ST. PAUL (AP) ―
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Court documents indicate Tom Petters bought Polaroid with fraudulent funds. (File)
Sherburne County Jail
Polaroid Corp. has been sold in bankruptcy court for $85.9 million in cash and equity.
The winning bid from liquidators Hilco Consumer Capital of Toronto and Boston-based Gordon Brothers Brands was approved Thursday by a federal bankruptcy judge in St. Paul. The joint venture didn't have the highest bid, but Judge Gregory Kishel said it was the best choice.
Concord, Mass.-based Polaroid filed for bankruptcy in December after Minnesota businessman Tom Petters was indicted on charges of running a $3.5 billion Ponzi scheme. Petters had bought Polaroid in 2005 for $426 million.
Court documents indicate Petters bought Polaroid with fraudulent funds.
Petters denies the charges against him.
Hilco and Gordon Brothers have purchased other distressed companies, including Linens 'N Things, and Sharper Image losing bidder Lynn Tilton, chief executive of the New York-based private equity firm Patriarch Partners LLC, said Friday that she's appealing. Her firm's bid was about $500,000 higher.
Information from: Star Tribune, http://www.startribune.com
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Items federal agents seized at Tom Petters' Wayzata home in the fall of
2008 included $13,000 in cash, numerous credit cards, a .22 caliber
revolver and 11 high-end watches, including four Rolexes.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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